Canine-themed meme coin Bonk is surging on the crypto market charts, rising over 80% previously week. The token not too long ago surpassed Dogwifhat (WIF) to grow to be the highest meme coin on Solana by market valuation. Moreover, BONK additionally leads buying and selling quantity amongst Solana memes, recording $2 billion in exercise.
Some specialists are leaping on the BONK practice, with its market cap additionally climbing within the final seven days. Whereas buying and selling quantity across the cryptocurrency is down in the present day, analysts are nonetheless closely favoring BONK for an extra bounce. In reality, one dealer has in contrast BONK’s latest climb to that of one other prime dog-themed meme coin: Shiba Inu (SHIB).
Certainly, BONK coin dealer Unipcs is drawing comparisons between BONK’s present sample and SHIB’s 2021 pre-rally setup. They counsel that BONK may observe an analogous rally trajectory within the close to future. Unipcs notes that BONK shares many key components with SHIB. Probably the most essential ones are unit bias, debuting on a serious retail change, and having accomplished an preliminary pump the place heavy bag holders exited. These components, the dealer argues, pave the way in which for an aggressive upward transfer quickly.
Additionally Learn: Shiba Inu: Will Not Promote SHIB Till It Reaches 50 Cents: Says Analyst
Moreover, Unipics spotlights BONK’s standing as a dog-themed meme coin, evaluating it to different prime canine cryptocurrencies SHIB and Dogecoin. The dealer aligns BONK with the success of DOGE and SHIB, the one two meme cash to attain market caps above $40 billion. The dealer doesn’t outright say that BONK is heading towards a $40B market cap. Nevertheless, it’s potential that earlier dog-themed cryptocurrency merchants may see BONK as the following in line.
Buying and selling software BONKBot stories burning 1.5 billion BONK within the final 24 hours. This brings the entire burns to 502.9 billion tokens price roughly $19 million. Dealer Kadense additionally highlighted that 7.7 trillion BONK cash have been burned to this point, with 1 trillion extra anticipated by Christmas. The continued burns may even be a catalyst for continued development for the token, pushing it additional up the charts as a serious participant in meme cash.
